"In October, Ørsted raised $9 billion from investors in a rights issue after Trump's attempts to block a rival developer's project spooked investors. The US government then issued a stop-work order against the company's $1.5 billion Revolution Wind project off the coast of Rhode Island, although Ørsted has persuaded a judge to lift the order. In November, Ørsted agreed to sell half of the world's largest offshore wind farm to Apollo in a $6.5 billion deal."
""For years, Americans have been forced to pay billions more for the least reliable source of energy. The Trump administration has paused the construction of all large-scale offshore wind projects because our number one priority is to put America First and protect the national security of the American people.""
Ørsted raised $9 billion in October through a rights issue after investor concern tied to political attempts to block a rival developer. The US government issued a stop-work order on the $1.5 billion Revolution Wind project off Rhode Island, although a judge was later persuaded to lift that order. In November, Ørsted agreed to sell half of the world's largest offshore wind farm to Apollo for $6.5 billion. On December 22, the company received orders to suspend all ongoing activities on the outer continental shelf for 90 days. Revolution Wind is about 87 percent complete with 58 of 65 turbines installed. Ørsted abandoned two large US projects in 2023 because of rising industry-wide costs. The administration framed the pause as a national security and "America First" measure and criticized offshore wind reliability and costs.
Read at Ars Technica
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